Shares of BioNano Genomics Inc BNGO have doubled in price through the last two trading days. Before the rally, Bionano Genetics was struggling to maintain the $1-per-share price that is required to be listed on the Nasdaq.
The trading commission granted Bionano a 180-day extension to regain compliance. Since then, investors have rushed to buy shares of the company, with trade volume well above its average.
Why It's Important: It’s possible that traders feel more comfortable investing in the company knowing that Bionano will not be taken off off the index for at least the next six months.
“We are pleased that Nasdaq granted our request for an extension,” CEO Erik Holmlin said in a statement. “We have been making steady progress with our business and this extension gives us extra time to regain compliance as we continue to advance the Saphyr System in our target markets of discovery research and Cytogenomics.”
What's Next: Investors hope that Bionano Genetics will emerge as a leader in genetic imaging, an industry that could grow rapidly with an increased need for the service in health care.
The stock ended the final trading session of the year up 46.67% at $3.08.
Photo courtesy of Bionano.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
